Bureau of Labor and Statistics’ Labor Force and Employment Projections 2016-2026
The Bureau of Labor and Statistics released their job and economic predictions for 2016-26. Here are some of the industry and labor force highlights:
- The labor force in 2026 is expected to be much older and to become more diverse.
- Healthcare and related occupations account for 17 of the 30 fastest growing occupations from 2016 to 2026.
- By 2026, the service-providing industry sectors are projected to account for more than 81 percent of all wage and salary jobs in the economy and for most of the job growth
- Other occupations in the top 30 are generally energy-related occupations or employed in computer and information industries.
- The increased need for network security, cloud computing, high-speed Internet, and Web publishing is driving the rise in the projected real output of the information sector.
- The labor force is projected to increase by 10.5 million people from 2016 to 2026 and reach 169.7 million in 2026.
- By 2026, a large number of Baby-Boomers will have moved out of the labor force, ending one of the major drivers of labor force growth over the past decades.
- The shares of the youth and the prime age groups are also projected to decline in the labor force, whereas the share of the 55-years-and-older group is projected to increase.
- With increased school enrollment at all levels, especially the secondary and college levels, more young people than ever before are continuing their education in hopes of getting better paying jobs in the future.
- Because immigration is the main engine of population growth, the projected high labor force participation rates for Asian and Hispanic immigrants will increase the share of minorities more in the coming decade than previously.
To read the full report see: Projections overview and highlights, 2016–26